Follow
Share

Is it wrong for her to do so before going into a nursing home or should I put property in my name? Until he’s of age? I am executor of her will and POA, how can I do this to protect his gift? Thank you and any help is appreciated.

This question has been closed for answers. Ask a New Question.
In ten years this tiny home may not have any value.
Helpful Answer (0)
Report

This is a question for a trust and estate attorney.

Ideally, you never want to sign a house over to someone because of the capital gains tax implications. However, since the house isn't worth much, that may not be such an issue. Still, check with an attorney, because a minor probably shouldn't own a house solely in his name.

In my opinion, you should sell the house, then she can bequeath the money to the boy. More specifically, have her add an addendum to her will that the house be sold and the proceeds be given to him. She can just write a typed-up version of that wish, and sign it with a notary present. That's if she's competent, of course.
Helpful Answer (0)
Report

Anita if he is only 9 then I think you could go on as normal.. it;s not deeded to him as she said this verbally to you. If she is still alive and thinking this when he older then deal with it. Or buy it from her now at the going rate, with a deed that lists him as inheritor ( or whatever your lawyer says)
Helpful Answer (1)
Report

Anita53, your Aunt could live another decades and find she may need caregivers to help her or move into Assisted Living, both of which can be expensive. If that happens, your Aunt would need to sell her home to use the equity to pay for her care.
Helpful Answer (0)
Report

Thankyou Alvadeer, grandson is only 9 and it is just verbal , from her to me saying she wanted him to have it...not in the will. She lives with us currently, and we are asking because we’re unsure if he’ll be able to keep it at all in the future , she’s 87 and on the decline sadly
Helpful Answer (0)
Report
Frebrowser Mar 2021
If it isn't in writing it doesn't count. The property will go to whoever is listed as her beneficiary:
1) on the property's title for transfer on death,
2) as specified in will directly or as part of residual (unspecified items) estate,
3) per intestate laws of state if no will.

IF you actually inherit something, then you can worry about her verbal instructions to you.
(0)
Report
Is the aunt not dead? Because if she did this "gifting" to ANYONE prior to her entering into a nursing home it would prevent her getting medicaid if it is needed in the next years. I am hoping that isn't the case, or that she doesn't/won't need help.
As executor of the will you cannot manipulate what the will says. If she left her grandson the home then it is his. You don't mention his age, or his ability to upkeep and pay taxes on a home. Such information would help. But just do know you cannot change your Aunt's wishes in this matter either before or after her death.
Not certain I am understanding exactly what the situation is here. A bit more info would help.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter